The Biden administration will inherit the coronavirus pandemic, and while this remains a top priority for both the Biden administration and many Americans, the administration also hopes to address and expand health care access.  In addition to addressing COVID-19, the Biden administration's core focus is to expand the ACA incrementally. Employers should begin to consider how this administration’s platform might affect healthcare and employee benefits. This article explores the Biden administration's proposed COVID-19 response, general healthcare platform and top agenda items. For more information on healthcare and employee benefits changes, read this edition of Benefits Insights and contact HANYS Benefit Services by email or by calling (800) 388-1963. This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2020 Zywave, Inc. All rights reserved.

New York state has enacted a sick leave law that, depending on their size, requires employers to provide between 40 and 56 hours of paid leave per year for reasons relating to the health and safety of the employee or the employee’s family. Employers with fewer than five employees and an annual income no greater than $1 million may satisfy the law’s leave requirement by providing unpaid leave of 40 hours annually. Employees begin accruing leave on Sept. 30, 2020, but may not use the leave until Jan. 1, 2021. Leave is accrued at the rate of one hour for every 30 hours worked; the law contains frontloading and carryover provisions.  Employers with leave policies that equal or exceed the requirements of the sick leave law need not provide additional leave to their employees. The sick leave law does not affect municipal leave laws in effect on Sept. 30, 2020, and cities with populations of at least 1 million may enact laws that meet or exceed the requirements of the new law. Employers must

The U.S. equity market recovery that began on March 24 continued in earnest in Q3. However, the Index performance masks significant underperformance in the industries that continue to be impacted by the pandemic. Any failure of the presidential election process to determine a clear winner will likely provide fuel for near-term volatility.  Read the Q3 Market Recap for a brief review of the market performance and chart shows the average annualized return for the S&P 500 Index under the presidential terms dating back to Franklin Roosevelt. Also included is an article describing how HANYS Benefit Services has been Staying Connected to Meet Retirement Goals in spite of the pandemic. If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by email or by calling (800) 388-1963.

 Like so many companies, COVID-19 totally upended how we do business. Our education team’s calendar is usually filled with on-site client visits, allowing them to provide face-to-face guidance to employees on retirement plans.  Not so much in 2020. This year, we’ve been pushed to think outside the box, to reimagine how we provide support and education and to establish a new normal for how we do business. Moving online Shifting focus to video and phone calls is the (relatively) easy part. Scheduling and logistics of said calls – that’s where things can get tricky. Coincidentally, we started transitioning to an online scheduling tool a few months before the phrase “global pandemic” was a regular part of our lexicon. After testing it with a few clients, we were ready to roll it out more broadly by the time the world moved online. Scheduling online, we are able to set parameters for when our team members are available for meetings, then supply a link to our client human resources departmen

A handful of companies have led the way when it comes to student loan debt assistance for their employees. There’s also legislation pending in Washington that could impact the issue. Watch episode #2 in our video series: For Your Benefit with HANYS Benefit Services. We’re taking a closer look at two such companies that have come up with creative, new employee benefits solutions to tackle the issue and possible legislation coming down the pike.  The trailblazers: Abbott Labs and Fidelity Abbott Labs The problem: Abbott wanted to match student loan repayments. But since student loan repayments are not paid into a retirement plan, but to student loan issuer, they couldn’t directly apply a match contribution. The solution: Contribute to the non-elective or profit sharing contribution type under section 401(a). The details: To be sure they weren’t violating the code, Abbott Labs requested a private letter ruling to get IRS approval to make contributions with respect to the student loan r

A handful of companies have led the way when it comes to student loan debt assistance for their employees. There’s also legislation pending in Washington that could impact the issue. Watch episode #2 in our video series: For Your Benefit with HANYS Benefit Services. We’re taking a closer look at two such companies that have come up with creative, new employee benefits solutions to tackle the issue and possible legislation coming down the pike.  The trailblazers: Abbott Labs and Fidelity Abbott Labs The problem: Abbott wanted to match student loan repayments. But since student loan repayments are not paid into a retirement plan, but to student loan issuer, they couldn’t directly apply a match contribution. The solution: Contribute to the non-elective or profit sharing contribution type under section 401(a). The details: To be sure they weren’t violating the code, Abbott Labs requested a private letter ruling to get IRS approval to make contributions with respect to the student loan r

Employers can expect major disruptions to open enrollment this year due to the coronavirus (COVID-19) pandemic. As such, employers should stay apprised of current trends and begin preparing sooner rather than later. Trends to Watch Many organizations are expected to hold entirely virtual open enrollment due to the coronavirus. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an onlineenrollment platform for selecting benefits, hosting remote meetings between employees and HR, and downloading benefits resources. Also, many employers are meeting current employee needs through supplemental health plans with an emphasis on overall well-being. Adding optional health benefits can be a way to limit additional employer spending and provide assistance to employees who need it. Ways Employers Can Prepare Open enrollment isn’t always a clear-cut process. Employers can review the

Employers can expect major disruptions to open enrollment this year due to the coronavirus (COVID-19) pandemic. As such, employers should stay apprised of current trends and begin preparing sooner rather than later. Trends to Watch Many organizations are expected to hold entirely virtual open enrollment due to the coronavirus. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an onlineenrollment platform for selecting benefits, hosting remote meetings between employees and HR, and downloading benefits resources. Also, many employers are meeting current employee needs through supplemental health plans with an emphasis on overall well-being. Adding optional health benefits can be a way to limit additional employer spending and provide assistance to employees who need it. Ways Employers Can Prepare Open enrollment isn’t always a clear-cut process. Employers can review the

As the COVID-19 pandemic continues to wage on, its effects on benefits planning for next year are being felt—especially as open enrollment season approaches. According to Mercer's Global Survey #5, 20% of employers surveyed said updating benefits programs to better meet employee needs was an HR area in which companies are seeing an increased need for support. In addition to considering plan design changes, employers are having to evaluate and adjust their benefits packages for 2021. Some of the most common changes being made for the 2021 enrollment season are outlined in this article. Potential Cost Increases and Plan Designs Employers and benefits experts are bracing for cost increases headed into 2021. Health care premium costs have increased at a steady rate over the past few years, with the most recent average increase being around 6%. Actuaries at Willis Towers Watson predict up to a 7% increase in health care premiums in 2021 for both self-funded and fully insured employers.

As the COVID-19 pandemic continues to wage on, its effects on benefits planning for next year are being felt—especially as open enrollment season approaches. According to Mercer's Global Survey #5, 20% of employers surveyed said updating benefits programs to better meet employee needs was an HR area in which companies are seeing an increased need for support. In addition to considering plan design changes, employers are having to evaluate and adjust their benefits packages for 2021. Some of the most common changes being made for the 2021 enrollment season are outlined in this article. Potential Cost Increases and Plan Designs Employers and benefits experts are bracing for cost increases headed into 2021. Health care premium costs have increased at a steady rate over the past few years, with the most recent average increase being around 6%. Actuaries at Willis Towers Watson predict up to a 7% increase in health care premiums in 2021 for both self-funded and fully insured employers.

Health benefits costs are almost certainly going to rise in 2021. They’ve been trending upward for years—over 50% in the last decade, according to the Kaiser Family Foundation— and the current state of economic uncertainty over COVID-19 won’t slow things down. Realistically, after enduring months of business closures and managing exhausted workforces, many employers will be lucky to maintain uninterrupted operations. That’s why it’s critical for employers to think about reducing health costs right now—figure out cost-effective benefits first so money can be shuffled as needed later. Having a solid plan going into 2021 will better position organizations facing limited budgets. Here are five cost-reduction strategies employers should explore: 1. Dig Into Health Costs Employers don’t let themselves overpay for the materials they use during production, so why is health care any different? Employers should look into every health care figure they can, from overall premium costs to individual

Health benefits costs are almost certainly going to rise in 2021. They’ve been trending upward for years—over 50% in the last decade, according to the Kaiser Family Foundation— and the current state of economic uncertainty over COVID-19 won’t slow things down. Realistically, after enduring months of business closures and managing exhausted workforces, many employers will be lucky to maintain uninterrupted operations. That’s why it’s critical for employers to think about reducing health costs right now—figure out cost-effective benefits first so money can be shuffled as needed later. Having a solid plan going into 2021 will better position organizations facing limited budgets. Here are five cost-reduction strategies employers should explore: 1. Dig Into Health Costs Employers don’t let themselves overpay for the materials they use during production, so why is health care any different? Employers should look into every health care figure they can, from overall premium costs to individual

Student loan debt affects the financial lives of millions of American workers. Employers feel the burden as well, and have the opportunity to help reduce it.  The impact of student loan debt on employees According to a recent Forbes article : 44.7 million Americans have student loan debt; student loan debt is second only to mortgages in consumer debt, at a staggering $1.56 trillion; the average student debt is $32,731 with an average monthly payment of $393; 2.8 million borrowers are in forbearance; 5.5 million borrowers are in default. Stats like these demonstrate why student loan debt impacts if and how people save for retirement. Its impacts are numerous. Student loan debt causes people to put off expenses like starting families, buying or leasing a car, buying a home and saving for retirement. It burdens individuals of all demographics, with 14.1 million borrowers between the ages of 35 – 49 . That means many middle-aged workers are still paying off student loan debt while worryi

Student loan debt affects the financial lives of millions of American workers. Employers feel the burden as well, and have the opportunity to help reduce it.  The impact of student loan debt on employees According to a recent Forbes article : 44.7 million Americans have student loan debt; student loan debt is second only to mortgages in consumer debt, at a staggering $1.56 trillion; the average student debt is $32,731 with an average monthly payment of $393; 2.8 million borrowers are in forbearance; 5.5 million borrowers are in default. Stats like these demonstrate why student loan debt impacts if and how people save for retirement. Its impacts are numerous. Student loan debt causes people to put off expenses like starting families, buying or leasing a car, buying a home and saving for retirement. It burdens individuals of all demographics, with 14.1 million borrowers between the ages of 35 – 49 . That means many middle-aged workers are still paying off student loan debt while worryi

Congratulations to Cobleskill Regional Hospital on being named PLANSONSOR’s 2020 Plan Sponsor of the Year in the nonprofit defined contribution <$500 million category! Cobleskill's 403(b) plan focused on employees’ wellness. This goes beyond physical wellness and influences the 403(b) plan’s design and approach to educating employees. “Retirement readiness and financial wellness are woven into the fabric of our culture,” says Christine Pirri, vice president, nonclinical operations. As their plan adviser, HANYS Benefit Services meets often with Pirri and Cobleskill employees for a financial wellness check-up and to explain how a defined contribution plan gives an employee the ultimate responsibility for his own retirement outcome “Once people get that message, they’re much more interested in understanding, ‘How can I make this work?’” says Carol Idone, vice president, consulting, HBS. The Plan Sponsor of the Year annual award program recognizes retirement plan sponsors that sh

Open Enrollment Trends to Watch Expect major disruptions to open enrollment this year. From an operational standpoint, COVID-19 might surge in the fall and force states to reclose businesses. From a personnel standpoint, employees may not be comfortable returning if they feel unsafe in the workplace. These are two worst-case scenarios, but they exemplify the multitude of potential disruptors stemming from COVID-19 this enrollment period. In fact, many organizations are expected to hold entirely virtual open enrollments due to health-related fears. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an online enrollment platform for selecting benefits, remote meetings between employees and HR, and downloadable benefits resources. While virtual enrollment will almost certainly be the new standard, it’s not necessarily the solution for everyone. Employees’ technology skill

Open Enrollment Trends to Watch Expect major disruptions to open enrollment this year. From an operational standpoint, COVID-19 might surge in the fall and force states to reclose businesses. From a personnel standpoint, employees may not be comfortable returning if they feel unsafe in the workplace. These are two worst-case scenarios, but they exemplify the multitude of potential disruptors stemming from COVID-19 this enrollment period. In fact, many organizations are expected to hold entirely virtual open enrollments due to health-related fears. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an online enrollment platform for selecting benefits, remote meetings between employees and HR, and downloadable benefits resources. While virtual enrollment will almost certainly be the new standard, it’s not necessarily the solution for everyone. Employees’ technology skill

Thank you for joining for another episode in our video series: For Your Benefit with HANYS Benefit Services. Hear from leading experts as we share insight on the employee benefit topics and trends that matter most. In episode 2, we’re expanding on the student loan debt conversation we started in part one , taking a look at some creative solutions companies are using to tackle this major issue. Tune in to each episode as we discuss regulations, investments, compliance and all things benefits. If you have any questions on content from our video or would like to begin talking to a retirement plan advisor, please get in touch by email or by calling (800) 388-1963.

Thank you for joining for another episode in our video series: For Your Benefit with HANYS Benefit Services. Hear from leading experts as we share insight on the employee benefit topics and trends that matter most. In episode 2, we’re expanding on the student loan debt conversation we started in part one , taking a look at some creative solutions companies are using to tackle this major issue. Tune in to each episode as we discuss regulations, investments, compliance and all things benefits. If you have any questions on content from our video or would like to begin talking to a retirement plan advisor, please get in touch by email or by calling (800) 388-1963.

Open enrollment fairs are a great way for employers and benefits providers to help employees understand and enroll in the benefits programs that meet their needs. These fairs are typically done in person, and they allow employees to learn about available benefits and discuss offerings with providers. Just as the COVID-19 pandemic may be changing what employees need for benefits, the format of open enrollment events should change, too. With open enrollment season around the corner and many organizations extending work-from-home policies, a virtual open enrollment fair may be necessary. This article explores benefits and best practices for organizations moving their open enrollment events online. The Importance of Reimagining Fairs Although employees are used to attending in-person open enrollment meetings, this is the time for organizations to reimagine their benefits events and find a solution that works best for their workforce during an ever-evolving pandemic. Before you spend time a

Open enrollment fairs are a great way for employers and benefits providers to help employees understand and enroll in the benefits programs that meet their needs. These fairs are typically done in person, and they allow employees to learn about available benefits and discuss offerings with providers. Just as the COVID-19 pandemic may be changing what employees need for benefits, the format of open enrollment events should change, too. With open enrollment season around the corner and many organizations extending work-from-home policies, a virtual open enrollment fair may be necessary. This article explores benefits and best practices for organizations moving their open enrollment events online. The Importance of Reimagining Fairs Although employees are used to attending in-person open enrollment meetings, this is the time for organizations to reimagine their benefits events and find a solution that works best for their workforce during an ever-evolving pandemic. Before you spend time a

With the majority of Americans sheltering in place at the beginning of the second quarter, what reasonable person would have forecast that the S&P 500 Index would have appreciated 20.54%, for its best quarterly performance since its inception in 1957? The extraordinary turnaround from the February-March bear market restored most of the negative returns investors suffered in Q1. Read the Q2 Market Recap for a brief review of the market performance. Also included is a summary of IRS guidance impacting retirement plan relief under the CARES Act.  If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by email or by calling (800) 388-1963.

With the majority of Americans sheltering in place at the beginning of the second quarter, what reasonable person would have forecast that the S&P 500 Index would have appreciated 20.54%, for its best quarterly performance since its inception in 1957? The extraordinary turnaround from the February-March bear market restored most of the negative returns investors suffered in Q1. Read the Q2 Market Recap for a brief review of the market performance. Also included is a summary of IRS guidance impacting retirement plan relief under the CARES Act.  If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by email or by calling (800) 388-1963.

Why now? The plan sponsor community has been woefully unprepared to meet the increased scrutiny of 403(b) plan operations by the IRS, Department of Labor and private auditors. There has been a material spike in plan correction applications, investigations and regulatory penalties. But don’t just take our word for it. Let your fellow plan sponsors’ experiences tell the tale. Our webinar featured real life stories about sponsors just like you. Each of them had a “What, me worry?” attitude where their plan was concerned, confident that they had everything well in hand—until everything changed. Watch this webinar to learn: the pros and cons of conducting a plan operational review; when you should do it; and how much you can expect to spend. Webinar Recording FEATURED SPEAKERS: Carol Idone Vice President, Consulting HANYS Benefit Services Eric Paley Partner Nixon Peabody Claire Rowland Counsel Nixon Peabody